Agenda - Economic Development Authority - 09/08/2004

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EDA GUIDELINES CONCERNING ECONOMIC ASSISTANCE INTRODUCTION Thc purpose of the Becket Economic Assistance Program which includes the Revolving Loan Fund (RLF), Business Incentive Program (BIP), Sale/Grant of city/EDA owned property and other forms of assistance is to assist businesses where a funding gap exists, to promote jobs for the community, increase tax base and increase economic productivity. Economic assistance is not limited to one industry. Assistance may be available for a variety of businesses including, but not limited to; technologically innovative industries, manufacturing/industrial operations, industrial services/supplies, start up businesses, construction and transportation. These guidelines are established to assist members of the EDA in stating the procedures that need to be followed and the organizational methods that should be used. These guidelines also assist the applicant for economic assistance in being able to provide the EDA with information necessary in the approval process. All approvals by the EDA are in the form of a recommendation to be submitted to the City Council for approval. Any party who is denied a favorable recommendation by the EDA may request consideration by the City Council. No changes shall be made to these guidelines without approval by the City Council. Incorporated into these guidelines is City of Becker Code Section 2.01. RESPONSIBILITIES OF THE EDA The purpose of the EDA is to provide economic advice and assistance to businesses within the community. The EDA is responsible for a number of areas. 1. To work with the applicant to put together necessary information to be submitted to the EDA for economic assistance. 2. Consider all applicants request for economic assistance. 3. Provide management service information upon request or need. 4. Submission of quarterly summaries to the City council detailing the status of the economic assistance granted. 5. Maintaining the requirements stated in these guidelines. 6. Recommendations to City Council on all applications. APPLICATION PROCEDURE Application for economic assistance must be made before the project begins, exclusive of preliminary planning and engineering. Economic assistance from the revolving loan fund, from the business incentive program, sale/grant of city/EDA owned property and other forms of assistance might be discussed with a prospective business by city staff or the EDA to receive preliminary input from both parties. Assistance shall not be granted or denied, however, until such time that application for assistance is officially made, reviewed by city staff and EDA members, and approved by the EDA and City Council.